Feixiaohao, a leading cryptocurrency market data provider in China, is currently under investigation by the Inner Mongolia police. The investigation, which has reportedly been ongoing for over six months, has led to the arrest of several key company executives. While the precise reasons behind the investigation are undisclosed, there are indications that it may involve compliance issues or disputes related to the platform’s business practices. Feixiaohao has been a prominent player in China’s crypto ecosystem since its launch in 2017. It offers real-time data on digital assets and exchanges and is a major resource for cryptocurrency enthusiasts in the country.
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Defunct cryptocurrency hedge fund Three Arrows Capital's (3AC) liquidators have sued Terraform Labs for $1.3 billion, for losses the fund suffered after the 2022 crash, Bloomberg reported on Monday. In June 2023, the liquidators sought $1.3 billion from the founders of 3AC, Su Zhu and Kyle Davies. The saga started unfolding in May 2022, when the Terra network saw its algorithmic stablecoin terraUSD (UST) and its companion token, LUNA, suffer a $40 billion collapse despite assurances from co-founder Do Kwon. By July, 3AC filed for bankruptcy stating that Terra's collapse caused irrecoverable losses. This case alleges that TerraForm induced 3AC to purchase Luna and TerraUSD by manipulating the market for these tokens “in a manner that artificially inflated the price for the assets” before they were wiped-out, the liquidators said in court papers, as per Bloomberg. Terraform filed for bankruptcy in Delaware, U.S. in January 2024.
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Bitcoin trades close to $67,000 at the time of writing, early on Wednesday. Mt.Gox, defunct crypto exchange has made headlines in the past few weeks for paying Bitcoin to its creditors. Bybit exchange’s largest crypto trader noted that a third of all Mt.Gox Bitcoin became available to trade on Kraken early on Tuesday. However, Bitcoin absorbed the sell-off and held steady, sustaining recent gains. Crypto Today: Ethereum Spot ETFs debut on Nasdaq, NYSE Arca and CBOE, Bitcoin and XRP hold steady Ethereum is the underdog among top cryptocurrencies and fails to sustain above key resistance at $3,500, even as the US Securities & Exchange Commission (SEC) green flags the Spot Ether Exchange Traded Fund (ETF). This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday Ripple traders await the outcome of the lawsuit, while XRP continues to outperform Bitcoin and Ethereum, posting 6% gains on Wednesday. Ripple lawsuit could be impacted by Kamala Harris’ nomination, XRP gains 5%
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